Atty. Eduardo D. Estores
SEC Opinion • Securities and Exchange Commission • Opinions • May 15, 1991
Full text
May 15, 1991 Atty. Eduardo D. Estores 2nd Floor, Deculao Bldg., 190 A.,Pichon Sr.,Ext. (Washington St.) Davao City S i r : This refers to your letter requesting clarification as to the term of existence of Philippine Union Mission Corporation of Seventh-Day Adventist, a pre-war religious corporation registered on February 7, 1923. In connection therewith, please be advised that both Section 116 of the new Corporation Code (Batas Pambansa Blg. 68) and Section 160 of the old Corporation Law (Act 1459 as amended) do not provide for a term of existence of religious corporations, whether classified as corporation sole or corporation aggregate. Thus, the Commission previously opined that the law never intended to limit the corporate life of religious corporations, hence, they may be allowed to exist perpetually. (SEC Opinion dated December 10, 1981 addressed to Benjamine Teodoro). Considering that the Articles of Incorporation of Philippine Union Mission Corporation of Seventh-Day Adventist do not provide for a limitation of its corporate term, it shall be understood that the corporation intended to exist for an indefinite period. Accordingly, it is still considered existing. LibLex Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman
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